Annual report pursuant to Section 13 and 15(d)

Unaudited Quarterly Information

v2.4.0.6
Unaudited Quarterly Information
12 Months Ended
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]  
Unaudited Quarterly Information
UNAUDITED QUARTERLY INFORMATION
As discussed in Note 2, the Company is restating its historical consolidated financial statements as of and for the years ended December 31, 2011 and 2010 and unaudited quarterly information for the quarterly periods in the years ended December 31, 2011 and 2010. These restatements are the result of an error in the Company’s accounting treatment for a certain derivative transaction under ASC 815. The following tables set forth selected restated unaudited condensed consolidated statement of income data for each of the eight quarters ended December 31, 2012. Also provided below as supplementary information is selected restated unaudited condensed consolidated statement of income data for each of the four quarters ended December 31, 2010. Operating results for any quarter are not necessarily indicative of results for any future period.
 
Year Ended December 31, 2012
 
First Quarter
 
Second Quarter
 
As Reported
 
Restatement
 
As Restated
 
As Reported
 
Restatement
 
As Restated
 
(unaudited, in thousands, except share and per share data)
Net revenue
$
146,573

 
$

 
$
146,573

 
$
164,100

 
$

 
$
164,100

Direct expenses
117,349

 

 
117,349

 
132,942

 

 
132,942

Operating expenses
25,799

 

 
25,799

 
22,899

 

 
22,899

Total expenses
143,148

 

 
143,148

 
155,841

 

 
155,841

Operating income
3,425

 

 
3,425

 
8,259

 

 
8,259

Other expenses, net
1,338

 
(230
)
 
1,108

 
1,063

 
350

 
1,413

Income before provision for income taxes
2,087

 
230

 
2,317

 
7,196

 
(350
)
 
6,846

Income tax provision
582

 

 
582

 
2,027

 

 
2,027

Net income
$
1,505

 
$
230

 
$
1,735

 
$
5,169

 
$
(350
)
 
$
4,819

Net income per share attributable to common shareholders:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.03

 
$
0.01

 
$
0.04

 
$
0.12

 
$
(0.01
)
 
$
0.11

Diluted
$
0.03

 
$
0.01

 
$
0.04

 
$
0.11

 
$
(0.01
)
 
$
0.10

Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
Basic
44,145,093

 
44,145,093

 
44,145,093

 
44,541,025

 
44,541,025

 
44,541,025

Diluted
46,128,417

 
46,128,417

 
46,128,417

 
46,359,323

 
46,359,323

 
46,359,323

 
Year Ended December 31, 2012
 
Third Quarter
 
Fourth
 
As Reported
 
Restatement
 
As Restated
 
Quarter
 
(unaudited, in thousands, except share and per share data)
Net revenue
$
163,906

 
$

 
$
163,906

 
$
156,591

Direct expenses
129,104

 

 
129,104

 
123,628

Operating expenses
24,093

 

 
24,093

 
26,699

Total expenses
153,197

 

 
153,197

 
150,327

Operating income
10,709

 

 
10,709

 
6,264

Other expenses, net
1,254

 
59

 
1,313

 
216

Income before provision for income taxes
9,455

 
(59
)
 
9,396

 
6,048

Income tax provision
2,684

 

 
2,684

 
954

Net income
$
6,771

 
$
(59
)
 
$
6,712

 
$
5,094

Net income per share attributable to common shareholders:
 
 
 
 
 
 
 
Basic
$
0.15

 
$

 
$
0.15

 
$
0.11

Diluted
$
0.15

 
$

 
$
0.15

 
$
0.11

Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
44,788,160

 
44,788,160

 
44,788,160

 
45,116,164

Diluted
46,247,239

 
46,247,239

 
46,247,239

 
46,508,767

 
Year Ended December 31, 2011
 
First Quarter
 
Second Quarter
 
As Reported
 
Restatement
 
As Restated
 
As Reported
 
Restatement
 
As Restated
 
(unaudited, in thousands, except share and per share data)
Net revenue
$
146,420

 
$

 
$
146,420

 
$
165,482

 
$

 
$
165,482

Direct expenses
118,437

 

 
118,437

 
133,330

 

 
133,330

Operating expenses
19,680

 

 
19,680

 
18,794

 

 
18,794

Total expenses
138,117

 

 
138,117

 
152,124

 

 
152,124

Operating income
8,303

 

 
8,303

 
13,358

 

 
13,358

Other expenses, net
900

 
(269
)
 
631

 
989

 
442

 
1,431

Income before provision for income taxes
7,403

 
269

 
7,672

 
12,369

 
(442
)
 
11,927

Income tax provision
2,115

 

 
2,115

 
3,537

 

 
3,537

Net income
$
5,288

 
$
269

 
$
5,557

 
$
8,832

 
$
(442
)
 
$
8,390

Net income per share attributable to common shareholders:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.13

 
$

 
$
0.13

 
$
0.21

 
$
(0.01
)
 
$
0.20

Diluted
$
0.12

 
$

 
$
0.12

 
$
0.19

 
$
(0.01
)
 
$
0.18

Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
Basic
41,322,276

 
41,322,276

 
41,322,276

 
42,367,242

 
42,367,242

 
42,367,242

Diluted
45,823,090

 
45,823,090

 
45,823,090

 
45,907,748

 
45,907,748

 
45,907,748


 
Year Ended December 31, 2011
 
Third Quarter
 
Fourth Quarter
 
As Reported
 
Restatement
 
As Restated
 
As Reported
 
Restatement
 
As Restated
 
(unaudited, in thousands, except share and per share data)
Net revenue
$
227,804

 
$

 
$
227,804

 
$
188,494

 
$

 
$
188,494

Direct expenses
187,948

 

 
187,948

 
153,439

 

 
153,439

Operating expenses
23,447

 

 
23,447

 
22,439

 

 
22,439

Total expenses
211,395

 

 
211,395

 
175,878

 

 
175,878

Operating income
16,409

 

 
16,409

 
12,616

 

 
12,616

Other expenses, net
1,360

 
1,336

 
2,696

 
1,943

 
(195
)
 
1,748

Income before provision for income taxes
15,049

 
(1,336
)
 
13,713

 
10,673

 
195

 
10,868

Income tax provision
2,690

 

 
2,690

 
2,425

 

 
2,425

Net income
$
12,359

 
$
(1,336
)
 
$
11,023

 
$
8,248

 
$
195

 
$
8,443

Net income per share attributable to common shareholders:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.29

 
$
(0.03
)
 
$
0.26

 
$
0.19

 
$

 
$
0.19

Diluted
$
0.27

 
$
(0.03
)
 
$
0.24

 
$
0.18

 
$
0.01

 
$
0.19

Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
Basic
43,116,861

 
43,116,861

 
43,116,861

 
43,514,982

 
43,514,982

 
43,514,982

Diluted
46,308,032

 
46,308,032

 
46,308,032

 
45,554,558

 
45,554,558

 
45,554,558

 
Year Ended December 31, 2010
 
First Quarter
 
Second Quarter
 
As Reported
 
Restatement
 
As Restated
 
As Reported
 
Restatement
 
As Restated
 
(unaudited, in thousands, except share and per share data)
Net revenue
$
105,629

 
$

 
$
105,629

 
$
141,355

 
$

 
$
141,355

Direct expenses
87,230

 

 
87,230

 
115,201

 

 
115,201

Operating expenses
15,836

 

 
15,836

 
14,140

 

 
14,140

Total expenses
103,066

 

 
103,066

 
129,341

 

 
129,341

Operating income
2,563

 

 
2,563

 
12,014

 

 
12,014

Other expenses, net
856

 
500

 
1,356

 
1,217

 
1,154

 
2,371

Income before provision for income taxes
1,707

 
(500
)
 
1,207

 
10,797

 
(1,154
)
 
9,643

Income tax provision
429

 

 
429

 
3,089

 

 
3,089

Net income
$
1,278

 
$
(500
)
 
$
778

 
$
7,708

 
$
(1,154
)
 
$
6,554

Net income per share attributable to common shareholders:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.10

 
$
(0.04
)
 
$
0.06

 
$
0.56

 
$
(0.08
)
 
$
0.48

Diluted
$
0.03

 
$
(0.01
)
 
$
0.02

 
$
0.20

 
$
(0.03
)
 
$
0.17

Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
Basic
13,282,284

 
13,282,284

 
13,282,284

 
13,742,472

 
13,742,472

 
13,742,472

Diluted
36,587,847

 
36,587,847

 
36,587,847

 
38,412,419

 
38,412,419

 
38,412,419

 
Year Ended December 31, 2010
 
Third Quarter
 
Fourth Quarter
 
As Reported
 
Restatement
 
As Restated
 
As Reported
 
Restatement
 
As Restated
 
(unaudited, in thousands, except share and per share data)
Net revenue
$
191,901

 
$

 
$
191,901

 
$
179,342

 
$

 
$
179,342

Direct expenses
157,021

 

 
157,021

 
148,073

 

 
148,073

Operating expenses
15,967

 

 
15,967

 
18,766

 

 
18,766

Total expenses
172,988

 

 
172,988

 
166,839

 

 
166,839

Operating income
18,913

 

 
18,913

 
12,503

 

 
12,503

Other expenses (income), net
2,010

 
741

 
2,751

 
998

 
(1,183
)
 
(185
)
Income before provision for income taxes
16,903

 
(741
)
 
16,162

 
11,505

 
1,183

 
12,688

Income tax provision
4,862

 

 
4,862

 
3,805

 

 
3,805

Net income
$
12,041

 
$
(741
)
 
$
11,300

 
$
7,700

 
$
1,183

 
$
8,883

Net income per share attributable to common shareholders:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.35

 
$
(0.02
)
 
$
0.33

 
$
0.19

 
$
0.03

 
$
0.22

Diluted
$
0.28

 
$
(0.02
)
 
$
0.26

 
$
0.17

 
$
0.02

 
$
0.19

Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
Basic
34,434,352

 
34,434,352

 
34,434,352

 
41,086,998

 
41,086,998

 
41,086,998

Diluted
43,445,391

 
43,445,391

 
43,445,391

 
46,147,728

 
46,147,728

 
46,147,728